ACCT& 201 - Principles of Accounting I

Credits 5
Students develop skills in recording transactions to specific areas of accounting including: accounts receivable, inventories, plant and equipment, asset valuation, notes receivable and notes payable. Emphasis is on preparing general journal entries in accordance with Generally Accepted Accounting Principles (GAAP). This course builds upon the skills learned in ACCT 110, Introduction to Financial Accounting.
Prerequisite(s): Placement into ACCT& 201 or completion of ACCT 110 and ACCT 110L with a 2.0 or higher.
Course Outcomes

Identify a group of basic business transactions and prepare the related journal entries.
Construct an income statement, statement of owner’s equity, and a balance sheet.
Post transactions to the general ledger and special ledgers.
Create a bank reconciliation, petty cash fund and change fund and prepare the related journal entries
Calculate the cost of inventories and depreciation using a variety of methods.
Identify and record various Notes Payable and Notes Receivable transaction.
Prepare various analysis ratios.
Analyze the effects of purchasing, disposing, and valuing long term assets.